Philips and Cognizant are partnering to build customized applications for organizations in the health sector. The health tech company and IT services provider announced this on Thursday and is an effort to leverage the growing amount of data in the health industry fully.
The new partnership is aimed at serving healthcare providers, researchers in life sciences, patients, medical device manufacturers, and biopharmaceutical companies.
Cognizant will help organizations build, deploy and operate custom applications on Philips HealthSuite, a platform for securely storing health data. It can also be used to apply data analytics and AI to the data.
The suite is based on Amazon Web Services and currently is integrated with more than 100 kinds of medical devices. Cognizant will help healthcare providers leverage the platform to monitor patients in settings other than the traditional ones while offering patients a way to learn about their health.
The company will help biopharmaceuticals and medical device manufacturers build applications that will use advanced analytics to guide clinical development.
The IT services company will also work with life sciences firms to use HealthSuite for remote patient monitoring and decentralize clinical trials.
Integrations will produce innovations
According to Shez Partovi, Philips’s chief innovation and strategy officer, even with advances in medicine and tech, not enough integration has happened to help centralize the fragmented technologies and data landscape.
With this partnership, the companies can power innovative healthcare, while improving quality and the human experience through understanding data best.
Philips has pivoted strictly to focus on healthcare technology and brought in $23.182 billion in 2020. It expects to grow by around 5-6% each year through to 2025. The overall health technology market is expected to rise by 4% each year, according to the company’s estimate.
This partnership positions it well to take advantage of that.